Hi, I have a question that I am not too sure on, would like to see if anyone else encounters this issue:
I have a W2 income that generate approximately 180k/yr, which exceeds the max social security tax cap.
I also have 1099 incomes which goes to my S-Corp. On ADP when I do payroll to myself, is there a way to Not withhold anymore social security tax?
Or does it have to be withheld and at year end, the overpaid amount will be calculated back to me? What about the employer portion of the social security tax, does it have a cap? and if so, any overpaid amount will also be returned?
Thanks in advance
David
I have a W2 income that generate approximately 180k/yr, which exceeds the max social security tax cap.
I also have 1099 incomes which goes to my S-Corp. On ADP when I do payroll to myself, is there a way to Not withhold anymore social security tax?
Or does it have to be withheld and at year end, the overpaid amount will be calculated back to me? What about the employer portion of the social security tax, does it have a cap? and if so, any overpaid amount will also be returned?
Thanks in advance
David
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